Welcome to SPN

Register and Join the most happening forum of Sikh community & intellectuals from around the world.

Sign Up Now!
  1.   Become a Supporter    ::   Make a Contribution   
    Target (Recurring Monthly): $200 :: Achieved: $95

Sikh News Farm credit: PM for studying moneylenders’ role

Discussion in 'Breaking News' started by kaur-1, Oct 20, 2006.

  1. kaur-1

    kaur-1
    Expand Collapse
    SPNer Supporter

    Joined:
    Jul 10, 2006
    Messages:
    921
    Likes Received:
    77
    Farm credit: PM for studying moneylenders’ role
    Tribune News Service
    New Delhi, October 18


    Admitting the failure of institutional mechanism in meeting the needs of the farmers, Prime Minister Manmohan Singh today initiated a debate on roping in and regulating money lenders in extending farm credit to alleviate the agricultural crisis facing the nation.


    “What do farmers need - a lower rate of interest or reliable access to credit at reasonable rate?….Do we need to bring in money lenders under some form of regulation,” he pondered while inaugurating the second agricultural summit here.
    Dr Manmohan Singh said: “It is necessary that we find answers to these questions in near future as there is a crisis in agriculture in many regions of the country.”


    According to a World Bank study 70 per cent of poor households in villages have no access to formal banking; rural borrowers pay up to 42 percent of their loan amount in bribes to officials; and it takes an average of 33 weeks to get a loan approved in the rural India.
    Prime Minister’s poser assumes significance in the light of the Nobel Peace Prize to Bangladesh's Muhammad Yunus and the Grameen Bank for micro-credit mechanism and its success in fighting poverty and empowering them.


    Even the Reserve Bank of India has set up a working group to review money lenders legislations following requests from some states and it is mulling at the option of including micro-finance institutions (MFIs) in the list of money lenders to be monitored and putting a cap on interest rate to be charged by them.
    The Prime Minister also wanted suggestions on enhancing the institutional framework such as for the self-help groups and micro-finance institutions for improving the lot of farmers.


    On checking inflation, which is hovering above 5 per cent now, he added: “While the government will do whatever is necessary to keep prices under check and ensure moderate rates of inflation, we cannot sacrifice the interests of the farming community”.

    Source:The Tribune, Chandigarh, India - Main News
     
  2. Loading...

    Similar Threads Forum Date
    Sikh News Sikh Farmers Flatten Ravines To Grow Basmati - Times Of India Breaking News Jul 27, 2016
    USA Indian American Farmers Weathering Record Drought in California Breaking News Jul 26, 2014
    India Gujarat defreezes land of 52 Sikh farmers Breaking News Dec 20, 2013
    India Evicted Sikh Farmers of Haryana Face Hostility of Administration and Panchayats Breaking News Aug 21, 2013
    Canada Farm's phone ringing off hook with offers of help Breaking News Aug 17, 2013

Since you're here... we have a small favor to ask...

More people are visiting & reading SPN than ever but far fewer are paying to sustain it. Advertising revenues across the online media have fallen fast. So you can see why we need to ask for your help. Donating to SPN's is vote for free speech, for diversity of opinions, for the right of the people to stand up to religious bigotry. Without any affiliation to any organization, this constant struggle takes a lot of hard work to sustain as we entirely depend on the contributions of our esteemed writers/readers. We do it because we believe our perspective matters – because it might well be your perspective, too... Fund our efforts and together we can keep the world informed about the real Sikh Sikhi Sikhism. If everyone who writes or reads our content, who likes it, helps us to pay for it, our future would be much more secure. Every Contribution Matters, Contribute Generously!

    Become a Supporter      ::     Make a Contribution     



Share This Page